Mgt Functions for business students in p
- 1. Chapter 2: Definition and Functions of Mgt GRADE 11 - ABM STRAND
- 2. Management is a set of principles relating to the functions of planning, organizing, directing, and controlling, and the applications of these principles in harnessing physical, financial, human, and informational resources efficiently and effectively to achieve organizational goals.
- 3. What Are The Functions Of Management? LEARN MORE
- 4. 1. Planning • It is a rational and systematic way of making decisions today that will affect the future of the company. • It is a kind of organized foresight as well as corrective hindsight. It involves predicting of the future as well as attempting to control the events. • It involves the ability to foresee the effects of current actions in the long run in the future.
- 5. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim 2.Organizing Is a formal structure of authority and the direction and flow of such authority through which work subdivisions are defined, arranged and coordinated so that each part relates to the other part in a united and coherent manner so as to attain the prescribed objectives.
- 6. 3.Staffing • The function of hiring and retaining a suitable work-force for the enterprise both at managerial as well as non-managerial levels. • It involves the process of recruiting, training, developing, compensating and evaluating employees and maintaining this workforce with proper incentives and motivations. 4.Directing • The directing function is concerned with leadership, communication, motivation, and supervision so that the employees perform their activities in the most efficient manner possible, in order to achieve the desired goals.
- 7. 5.Controlling • The function of control consists of those activities that are undertaken to ensure that the events do not deviate from the pre-arranged plans. • The activities consist of establishing standards for work performance, measuring performance and comparing it to these set standards and taking corrective actions as and when needed, to correct any deviations.